I had an interesting run-in with Nagafen's most famous Shadowknight. He's a level 65 General, and I'm pretty sure half the Freeport population has done an AA run with him at one point or another. Well, to cut a long story short, he decided a 60 minute cooldown on a godspell was worth being one step closer to Master. Funny thing is, he's done the Godspell + PT instant kill to me numerous times. So, I could say, when he does get Master, that he doesn't deserve it. But, like most masters, he's probably a better player than 95% of the population.
So, we have a title system where the people with the highest titles are, quite often, the best players. But this twisted system makes them Godspell/PvP Belt/LoN Evac etc because of its poor design. We need a system that doesn't promote bad PvP practise like our current one does, but that still means people with the highest titles are the best players.
I honestly believe (being able to look at the argument from each point of view, which I'm afraid doesn't appear that everyone can) that fame decay is the best system.